Never-ending discussions between thousands of delegates of near two hundreds States and international organizations, a compromise text whose interpretation is confusing and vague commitments, so is the result of the COP 26. Yet, everything is not negative. This conference has shown a turnaround in the world public opinion and the skepticism about climate warming, about its causes and its consequences, has strongly retreated. No more major country, as during the Trump mandate, today dares to dispute the importance of the phenomenon and its challenges. But the track is long between the expressed intentions exposed by everyone, the conclusion of an ...

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We believed we had finished, at least in developed countries, with inflation which had been a major factor of disequilibrium, until the Nineties. To cope with it, monetary policies had been extended to an extreme, as in the United States in 1979. That had been, when the euro and the European Central Bank were created, the major concern of the founding countries like Germany which was still reminding the disasters of the Twenties, which were not without link with the Nazism ascension. It is why, in the ECB mandate, the first priority was to act to keep inflation in the ...

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During the Seventies, we were convinced that prices control was necessary to cope with inflation. It is, to the contrary, their freeing which allowed France to getting rid of that structural weakness. On the same, it was believed during a long time that the consumption rebound was generating a trade deficit as in 1982. We know today that it is wrong and it was the consequences of the huge increase of the dollar on the oil bill which were at the origin, during that period, of the French trade balance degradation. The recent history is not getting itself always from ...

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